Ipb developments

IPB Petroleum Limited: Private Company Information
July 29, 2018 2:41 PM ET
Oil, Gas and Consumable Fuels
Company Overview of IPB Petroleum Limited
Company Overview
IPB Petroleum Limited engages in the exploration of oil and gas properties in Australia. It holds 100% interests in three petroleum exploration permits comprising WA-424-P, WA-471-P, and WA-485-P located in the Browse basin, Western Australia. The company was founded in 2009 and is based in Brighton, Australia.

181 Bay Street

Level 1

Brighton, VIC 3186

Australia

IPB Petroleum Limited Key Developments
IPB Petroleum Announces a Substantial Increase to the Estimated Oil Resources at Idris in the Company's 100% Held Wa-424-P Permit in the Browse Basin Offshore North West Australia
May 10 18
IPB Petroleum announced a substantial increase to the estimated oil resources at Idris in the company's 100% held WA-424-P Permit in the Browse Basin offshore North West Australia. Following the recent completion of the Company's 3D seismic reprocessing and depth conversion project, IPB has now completed a thorough technical review of the prospective oil resources attributed to the Idris prospect. As a result the Prospective Resources for the Idris prospect have increased on a most likely basis (P50) from 33 MMBBLS to 69 MMBBLS of oil (recoverable), whilst the Geological Chance of Success being an oil discovery at Idris is now estimated to be 40%. Similar prospective resources increases were registered at the Low Estimate (P90), and High Estimate Level (P10) to being 20 MMBBLS of oil (recoverable) and 159 MMBBLS of oil (recoverable) respectively. The Idris prospective resources were based on the result of the recent depth conversion project covering a 75km2 area over the WA-424-P permit's Gwydion oil discovery, and updip area. IPB's interpretation that the oil leg measured and sampled at Gwydion lies below the 3D seismically derived structural spill point, indicative of a much larger oil accumulation contained in a stratigraphic trap. Based on the measured well data at Gwydion, and considering comparable petroleum geological and reservoir parameters of other regional analogue fields such as the Stag field in the Carnarvon Basin, IPB has calculated a range of resource estimates probabilistically resulting in those resources disclosed. IPB also completed an internal risk review resulting in the quoted Pg being IPB's estimate of the geological chance of success in relation to a stratigraphic accumulation at Idris. Assuming future exploration success, IPB conducted an internal assessment of the likelihood of development Pd. Accordingly, based on an estimated minimum recoverable economic volume threshold at Idris of approximately 10.8 MMBBLS IPB derived a Pd being the estimated probability of exceedence above this minimum estimated commercial threshold in the event of a discovery.

IPB Petroleum Limited Reports Audited Consolidated Earnings Results for the Half Year Ended December 31, 2017
Feb 15 18
IPB Petroleum Limited reported audited consolidated earnings results for the half year ended December 31, 2017. For the half year, the company’s the loss before income tax expense was AUD 225,346 against AUD 229,748 a year ago. Net Loss for the half year was AUD 225,346 against AUD 229,748 a year ago. Basic and diluted loss per share from continuing operations was 0.001 cents against 0.002 cents a year ago. Net cash outflow from operating activities were AUD 203,005 against AUD 184,986 a year ago. Payment for other exploration & evaluation expenditure was AUD 49,808 against AUD 29,548 a year ago.

IPB Petroleum Limited Reports Audited Consolidated and Parent Earnings Results for the Year Ended June 30, 2017
Aug 31 17
IPB Petroleum Limited reported audited consolidated and parent earnings results for the year ended June 30, 2017. For the year, on consolidated basis, loss before income tax was AUD 2,501,566 against AUD 483,133 a year ago. Net loss was AUD 2,501,566 against AUD 483,133 a year ago. Basic and diluted loss per share was 0.022 cents against 0.004 cents a year ago. Net cash outflows from operating activities were AUD 409,712 against AUD 512,420 a year ago. Payment for exploration & evaluation expenditure was AUD 90,591 against AUD 444,458 a year ago. For the year, on parent basis, total loss was AUD 2,501,566 against AUD 483,133 a year ago.